This bill makes the Public Company Accounting Oversight Board (PCAOB) enforcement proceedings more transparent by requiring disciplinary hearings to be open to the public. Currently, the PCAOB can keep these proceedings closed; under this legislation, hearings would be public by default unless the Board or a party involved requests otherwise and the Board agrees. The bill also removes language that delays publication of enforcement decisions until after stays on sanctions are lifted, allowing decisions to be published sooner. The changes affect accounting firms and public companies that face PCAOB discipline, as well as investors and the public who would gain access to enforcement information. The bill has no specified funding requirements or implementation timeline beyond amending the existing Sarbanes-Oxley Act framework.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.